Direxion NASDAQ-100 Equal Weighted Index Shares (NASDAQ:QQQE) Sets New 1-Year High - Still a Buy?

Key Points

• The Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) reached a new 52-week high of $100.94, with the last trading price at $100.26.
• QQQE announced an increase in its quarterly dividend from $0.06 to $0.1422, reflecting an annualized yield of 0.57%.
• Several institutional investors, including Renaissance Technologies LLC, significantly increased their stakes in QQQE during the fourth quarter.

Direxion NASDAQ-100 Equal Weighted Index Shares (NASDAQ:QQQE - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $100.94 and last traded at $100.26, with a volume of 68611 shares changing hands. The stock had previously closed at $100.32.

Direxion NASDAQ-100 Equal Weighted Index Shares Trading Down 1.6%

The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 27.96 and a beta of 1.05. The stock has a fifty day simple moving average of $97.26 and a 200-day simple moving average of $92.60.

Direxion NASDAQ-100 Equal Weighted Index Shares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 24th were given a $0.1422 dividend. The ex-dividend date was Tuesday, June 24th. This represents a $0.57 dividend on an annualized basis and a dividend yield of 0.6%. This is an increase from Direxion NASDAQ-100 Equal Weighted Index Shares's previous quarterly dividend of $0.06.

Institutional Trading of Direxion NASDAQ-100 Equal Weighted Index Shares

A number of hedge funds have recently modified their holdings of the company. Orion Portfolio Solutions LLC increased its position in shares of Direxion NASDAQ-100 Equal Weighted Index Shares by 16.1% during the 4th quarter. Orion Portfolio Solutions LLC now owns 4,106 shares of the company's stock worth $369,000 after purchasing an additional 570 shares in the last quarter. KCM Investment Advisors LLC bought a new position in Direxion NASDAQ-100 Equal Weighted Index Shares in the 4th quarter valued at $205,000. Renaissance Technologies LLC raised its position in Direxion NASDAQ-100 Equal Weighted Index Shares by 93.0% in the 4th quarter. Renaissance Technologies LLC now owns 11,000 shares of the company's stock valued at $987,000 after purchasing an additional 5,300 shares during the last quarter. Advisory Services Network LLC raised its position in Direxion NASDAQ-100 Equal Weighted Index Shares by 54.8% in the 4th quarter. Advisory Services Network LLC now owns 8,907 shares of the company's stock valued at $800,000 after purchasing an additional 3,153 shares during the last quarter. Finally, Waddell & Associates LLC raised its position in Direxion NASDAQ-100 Equal Weighted Index Shares by 2.3% in the 4th quarter. Waddell & Associates LLC now owns 382,993 shares of the company's stock valued at $34,381,000 after purchasing an additional 8,548 shares during the last quarter.

Direxion NASDAQ-100 Equal Weighted Index Shares Company Profile

The Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) is an exchange-traded fund that is based on the NASDAQ-100 Equally Weighted index. The fund tracks an equal-weighted version of the NASDAQ 100. QQQE was launched on Mar 21, 2012 and is managed by Direxion.